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Brent oil prices tick down after gaining on Caspian pump station attack
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Brent oil prices tick down after gaining on Caspian pump station attack
Feb 17, 2025 6:05 PM

BEIJING, Feb 18 (Reuters) - Brent crude oil prices

paused in early trading on Tuesday after gaining in the previous

session following a drone attack on an oil pipeline pumping

station in Russia that reduced flows from Kazakhstan.

Brent crude futures ticked down 7 cents, or 0.09%,

to $75.15 a barrel by 0137 GMT.

U.S. West Texas Intermediate (WTI) crude rose 47

cents to $71.21 a barrel. The WTI contract did not settle at its

normal time on Monday due to the U.S. Presidents' Day holiday.

The drone strike on the Kropotkinskaya station in Russia's

southern Krasnodar region reduced shipments from Kazakhstan to

world markets by Western firms including Chevron ( CVX ) and

Exxon Mobil ( XOM ), operator Caspian Pipeline Consortium said

on Monday.

The Black Sea CPC Blend oil loading plan for February would

remain unchanged, two sources familiar with the plan told

Reuters.

Weak fundamentals also kept the price response muted. BMI

analysts said in a note that they see Brent prices averaging $76

a barrel in 2025, down 5% from the 2024 average, because of

market oversupply, tariffs and trade tensions.

OPEC+ producers are not considering delaying a series of

monthly oil supply increases that is scheduled to begin in

April, according to a Russian state media report.

In December, OPEC had pushed back a plan to begin raising

output to April, due to weak demand and rising supply outside

the group.

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